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5.A. Trustees Report inspiring philanthropy Trustees’ Annual Report & Financial Statements 2016/17 Registered Charity No. 1094446 Registered Company No. 04530979 Contents Page Welcome and Key Achievements 1 Trustees’ Report 3 Statement of Trustees’ Responsibilities 16 Independent Auditors’ Report 17 Financial Statements 19 Somerset Community Foundation Welcome to our Annual Report for 2016/17 Somerset Community Foundation’s provisionally agreed our fourth mission is to be the catalyst for worth £25,000; inspirational philanthropy, providing a • produced our first ‘Vital Signs’ simpler and more effective way for donors report, highlighting the hidden to make a lasting difference in Somerset needs in our communities and the through our community investment and opportunities for philanthropy to thought leadership. respond; • received our largest one-off During 2016/17 we consolidated our donation from an individual; and position as the leading organisation to • grew our endowment to over £5m. deliver inspiring philanthropy in Somerset. We worked with more donors and funders Following the EDF Final Investment than ever before, and increased our Decision and the Government’s final investment into local voluntary approval for the Hinkley Point C project, organisations, charities and social we undertook considerable work to enterprises. prepare for the launch of the EDF Energy Community Fund in 2017/18. We also In particular we: began negotiations with the Access Foundation to diversify our social • awarded grants worth £516,234 to investment programme with almost 208 local charities and voluntary £0.5m of grant funding, which was agreed organisations, as well as to this summer. individuals, from our ‘regular’ programmes; The importance of the local voluntary • awarded the final £31,035 from sector has become increasingly apparent, the Somerset Flood Relief Fund; and we are seeing many organisations • agreed our third loan from the experience increasing demands for their Somerset Social Enterprise Fund, services whilst simultaneously finding it funded by Somerset County harder to secure the essential funding Council, worth £61,000 and they need. Trustees’ Report and Financial Statements 2016/17 1 Somerset Community Foundation This is not a sustainable position for the We would also like to thank David Jenkins sector or for society at large. The and Andy Palmer who both stepped down Foundation will continue to have a as Trustees and to Victoria Malcolm who significant role in supporting community- left the Foundation’s executive team. led ideas and initiatives to tackle issues of disadvantage and inequality. We will continue to do everything we can to grow Jane Barrie OBE DL Justin Sargent the level of funding we can offer to the Chairman Chief Executive sector, and we are also developing new strategies for using our funds and 25 September 2017 expertise to help strengthen the sector. Looking ahead, in the immediate future, our goal is to sustain grants from our regular programmes at a minimum £500k per annum and to grow towards a core programme of more than £750k by 2020. Underpinning this we will continue to inspire new philanthropy, focussing on building momentum towards our goal of managing a £10m endowment by 2020. Alongside these goals we will be launching the EDF Energy Community Fund to invest in communities that are affected by the Hinkley Point C development. This multi- million-pound fund offers the opportunity to transform the quality of life and well- being of many local communities and we look forward to working with our partners and stakeholders to create a legacy for Somerset. Finally, we would like to thank and pay tribute to our Trustees, staff and volunteers for their commitment and contribution to the Foundation. We welcome John Lyon and Lucy Nelson as new Trustees, and we welcome back Sue Wheeler to the executive team. We also welcome Val Bishop to the Senior Leadership Team. Trustees’ Report and Financial Statements 2016/17 2 Somerset Community Foundation Trustees’ Report Public Benefit The Trustees of Somerset Community The Trustees confirm they have complied Foundation (SCF) present their report and with their duty in Section 17 of the audited financial statements for the year Charities Act 2011: all our activities are ended 31st March 2017. This report also undertaken to further our charitable serves as the Directors’ report as required objectives for the benefit of the public. by Section 419(2) of the Companies Act We meet our objectives through grants 2006. programmes and other initiatives that benefit the people of Somerset and Reference and administrative details beyond. SCF is a registered private company, Our Vision and Mission limited by guarantee (no.04530979) and a registered charity (no.1094446) governed Our vision for Somerset is a county of by its Memorandum and Articles of vibrant and inclusive communities where Association. voluntary organisations and social enterprises thrive, transforming and The Directors of SCF are also its Trustees enhancing the lives of the most for the purposes of charity law and are disadvantaged people. referred to as ‘Trustees’ throughout this report. Details of Trustees, the President, Our mission is to be the catalyst for Vice-Presidents, staff and external inspirational philanthropy, providing a advisors are provided on page 14 and 15. simpler and more effective way for donors to make a lasting difference in Somerset Objectives through our community investment and thought leadership. The charitable objects of SCF are to: In March 2016, the SCF Board adopted a • promote charitable purposes for the new strategy for the period to March benefit of the community in the 2020, underlining our commitment to area served by Somerset County inspiring philanthropy, in terms of both: Council, and in particular the relief of poverty and advancement of • inspiring more local philanthropy education; and to support local communities • promote other charitable purposes throughout Somerset; and in the United Kingdom and • delivering inspirational elsewhere, which are in the opinion philanthropy through grants, social of the Trustees, beneficial to the investment and leadership. community with a preference for those in the area of benefit. By 2020 we aim to hold an endowment worth £10m and to invest at least £750k Trustees’ Report and Financial Statements 2016/17 3 Somerset Community Foundation annually in our communities through Endowment Fund grants and social investment. During 2016/17 we added £279,203 To achieve this, we set ourselves three (2016: £329,020) in new donations to our strategic aims. endowment fund. This included our largest single donation from an individual Strategic Aim 1: Building more and a trust transfer. When combined with inspirational philanthropy significant capital gains to the fund, these donations helped our overall endowment We have a unique role in Somerset, to grow above £5m for the first time. enabling donors and funders to create Endowment Fund 2013-2017 their own ‘named funds’ within SCF for causes and places they care most about. 5.5 We work closely with our fund-holders to maximise the impact of their giving in 5 response to the most pressing needs in Somerset today. In the light of sustained 4.5 and growing pressure on our local voluntary sector organisations, we are 4 determined to continue to grow to meet £ MILLIONS that need today and far into the future. 3.5 As awareness of the Foundation increases, we continue to attract new 3 2013 2014 2015 2016 2017 funds to support our local communities. Whilst growth in the endowment needs to be higher, we are encouraged by the The average value of an endowment interest shown in the Foundation from a named fund is now £104,935. diverse range of donors and funders. Flow-through Funds Encouragingly, we are increasingly seeing interest from local public-sector bodies in Whilst our long-term goal is to build a working with us. Our focus remains on major endowment for Somerset, we philanthropy, but we welcome continue to take a flexible approach that opportunities to blend funding together puts donors and funders first. to increase its effectiveness. We therefore offer donors and funders During the year, we managed 83 ‘named the option to create ‘flow-through’ funds funds’ (2015/16: 71). which ensure donations are invested in our communities immediately. During the Trustees’ Report and Financial Statements 2016/17 4 Somerset Community Foundation year we attracted 6 new flow-through can increase our capacity overall to grow funds, worth £86,195. philanthropy in Somerset. Surviving Winter Strategic Aim 2: Increasing the impact of our community Our award-winning Surviving Winter programme continues to thrive. Unlike investment other funds under our management it is supported by over 350 donors each year, The focus of our charitable work is who donate an equivalent amount to their through community investment, in the Winter Fuel Payment. form of grants and loans, and particularly to local organisations creating positive This year the appeal raised £78,486 change in our communities. (2015/16: £58,432), helping over 400 older people households stay warm, We aim to increase our impact by raising active and better connected through the the overall amount we invest in our winter period. communities and in the way we deliver that funding, so that every pound makes a Looking ahead greater difference. Interest in philanthropy continues to grow Investing in local voluntary across the UK, and our ability to help organisations and social enterprises donors apply their philanthropic interests in their local area remains important, not During 2016/17 the overall investment we least because of the stresses that the made into our communities was worth organisations we fund are under to £752,329 (2015/16: £756,911) including continue funding their essential work. payments made through www.localgiving.com and social It is not clear how major national and investments made from the Somerset international challenges, particularly Social Enterprise Fund.
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